HomeMy WebLinkAboutResolution No. 25F)
RESOLUTION NO. 25
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF AZUSA APPROVING AN APPRAISAL ON
CERTAIN REAL PROPERTY IN THE AZUSA CENTRAL
BUSINESS DISTRICT REDEVELOPMENT PROJECT: ES-
TABLISHING AN AMOUNT TO BE JUST COMPENSATION
FOR THE ACQUISITION OF SAID PROPERTY; AUTHORIZING
ACCEPTAINCE OF ASSIGNMENT OF AN OPTION TO
PURCHASE SAID REAL PROPERTY, AND THE EXERCISE
OF SAID OPTION
WHEREAS, this Agency has authorized an appraisal be'obtained on
certain real property (the "Property") in the Azusa Central Business
District Redevelopment Project in the City of Azusa located at 426 North
San Gabriel Avenue; and
WHEREAS, the Agency authorized Donahue and Company, Inc. (17291
Irvine Boulevard, Tustin, California 92680) to obtain the appraisal of the
Property; and
WHEREAS, the appraisal has been made and an "Appraisal Report"
dated November 24, 1978, has been submitted to this Agency, which
report renders an opinion of fair market value for the Property; and
WHEREAS, Forest City Dillon, Inc. has acquired an option to
purchase said real property; and
WHEREAS, Forest City Dillon, Inc. has entered into an agreement
with the Agency dated June 4, 1979, wherein it agreed to assign said option
to the Agency.
NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY
OF AZUSA DOES HEREBY RESOLVE AS FOLLOWS:.
1. The Agency hereby approves the appraisal made by Donahue and
Company, Inc. on the Property and hereby further approves the "Appraisal
Report" which contains said appraisal.
2. The Agency, based upon the review of the appraisal by and the
recommendation of the Agency staff, hereby establishes the amount of $75, 000
to be just compensation for the acquisition of the property located at
426 North San Gabriel Avenue.
3. The Agency Hereby:authorizes the Executive Director of the Agency
(or his designee) to accept assignment of an option to purchase said property
from Forest City Dillon, Inc.., and further authorizes the Executive Director
(or his designee) to exercise said option.
PASSED, APPROVED AND ADOPTED THIS
1979.
ATTEST:
SECA TARY
18th DAY OF June
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PIMA=
I HEREBY CERTIFY that the foregoing Resolution was duly
and regularly adopted at a regular meeting of the Redevelopment Agency
of, the City of Azusa held thereof on the 18th day of June, 1979, by the
following vote:
AYES: Directors: Decker, Fry, Cruz, Moses, Solem
NOES: Directors: None
ABSENT: Directors: None
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Secretary
REDE:VELOPI•;ENT AGENCY OF THE CITY OF AZUSA
AZUSA CENTRAL BUSINESS DISTRICT REDEVELOPI•iENT PROJECT
SUMMARY STATEMENT OF BASIS FOR JUST COMPENSATION
OWNER: 14ary E. Robutz
PROPERTY ADDRESS: 426 North San Gabriel Avenue
Azusa, California 91702
TOTAL PROPERTY AREA: 7000 square feet
PRESENT ZONING: P
PRESENT USE: office professional
PROPERTY TO BE ACQUIRED:
LOTS 35 AND 36, IN BLOCK 53 OF THE CITY OF AZUSA
COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AS PER MAP
RECORDED IN BOOK 15, PAGES 93-96 OF MAPS IN -THE -OFFICE.
OF THE COUNTY RECORDER OF SAID COUNTY, AND'"THE-IPIPROVE-
MENTS THEREON.
AMOUNT OF THE OFFER: $75y000
STATEMENT OF THE AGENCY'S DETERMINATION
OF THE AMOUNT OF THE OFFER:
The above amount is believed by the Agency to be the full amount
of "just compensation" for the acquisition of the above-described
property. The determination of just compensation is based upon the
Agency's inspection of the property and the consideration of an
appraisal of the property made independently by a competent profess
sional appraiser.
The determination of just compensation is not less than the
Agency's approved appraisal of the "fair market value" of the pro-
perty. The term "fair market value" is defined and recognized by
the courts of this state in eminent domain proceedings as:
•
..the highest price estimated in terms of money
which the land would bring if exposed to sale in
the open market, with reasonable time allowed in
which to find a purchaser, buying with knowledge
of.all the uses and purposes to which it was'
adapted and for which it was capable" [Sacramento
Southern R. Co. v. Heilbron, 156 C. 408, 409, 104 P.
979, 980 (1909)];
and the term as so.defined was used by the Agency and the appraiser
in making their respective determinations of value. Any decrease or
increase in the fair market value of the real property to be acquired
prior to the date of valuation caused by the Azusa Central Business
District Redevelopment Project or by the likelihood that the real
property to be acquired would be acquired for the purposes of the
Redevelopment Project, other than that due to physical deterioration
within the reasonable control of the owner, has been disregarded by
the Agency and the appraiser in making their respective determina-
tions of value. However, in the event any significant change in
physical conditions of the property occurs prior to the time the
Agency acquires title, the determination of fair market value and
the amount of the offer are subject to redetermination by the Agency.
Nevertheless, it should be noted that the appraisal and the Agency's
determination of just compensation do not reflect any consideration
of or allowance for any relocation assistance and payments which
the owner may be entitled to receive under state law or for the
Agency's agreement to pay certain costs arising from the purchase
of the property.
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